FG open loan application for Nigerian creative industry

The Federal Ministry of Art, Culture, Tourism, and Creative Economy has officially introduced the Creative Economy Development Fund (CEDF), designed to offer loan opportunities and financial support to individuals and businesses within Nigeria’s creative sector.

In a statement released on Monday by Nneka Anibueze, Special Adviser to the Minister of Arts, Culture and Creative Economy, Hannatu Musawa, the ministry invited eligible creatives, entrepreneurs, and organisations to apply for funding through the newly established initiative.

Describing the CEDF as a significant part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the statement explained that the fund aims to create jobs, drive economic diversification, and strengthen Nigeria’s influence in global cultural affairs.

Minister Musawa emphasised that the fund is more than just financial aid, but a strategic investment intended to unlock the immense potential of Nigeria’s creative industry, positioning it as a major contributor to economic growth and cultural diplomacy. “This is not just a financial intervention. It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy,” she said.

The CEDF offers flexible financial options, including loans, equity, and grants, aimed at boosting innovation, supporting cultural projects, and promoting tourism-based businesses. It also allows creative professionals to use their intellectual property, such as music catalogues, film rights, and digital content, as financial assets to secure funding.

According to the ministry, the fund will help creative enterprises expand production capacity, access new markets, and build resilience in a competitive global environment. The initiative will provide affordable loans for businesses across various sectors, including film, music, fashion, publishing, gaming, and cultural tourism. It will also offer equity and quasi-equity investments to high-growth companies, along with grants for impactful and innovative cultural projects.

The application process for the fund will be conducted in phases. The first phase, which is open until May 30, 2025, targets mature projects requesting over $100,000. A second phase will begin on August 4, 2025, focusing on Micro, Small and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs) seeking under $100,000.

Application reviews, project onboarding, and incubation for the first phase are scheduled to take place between June and December 2025, with disbursement of funds starting January 1, 2026. Disbursements for the second phase will commence on April 1, 2026.

The fund is open to a wide range of individuals and organisations operating within Nigeria’s creative and cultural economy, such as artists, writers, filmmakers, fashion designers, gaming studios, cultural tourism businesses, promoters, training institutions, digital platforms, media agencies, legal consultants, and logistics firms.

Applications will be assessed by independent experts, with oversight provided by a private sector investment committee. The Creative Economy Development Fund is structured as a professionally managed, independent investment fund, with the Ministry of Finance Incorporated serving as the anchor shareholder. The ministry also encouraged interested investors and development partners to explore opportunities for co-investment or participation in specific sub-funds.